Global fiscal rescues may not go far enough

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The trade figures are not quite as bad as they look. They are merely terrible rather than catastrophic. Granted, the November trade gap is the worst since records began, though that is hardly worth saying these days.

The figures underline the threat posed to the British economy by a collapse in world trade as demand sinks around the globe. They are also a reminder that the fall in the pound will not be as powerful a stimulus as it was in some previous downturns when export markets remained buoyant.